Boomer Benefits currently does not offer New York Medicare plans.
New York Medicare plans are similar to most other states. However, New York does have some unique rules that benefit New York Medicare beneficiaries. Since New York is one of the more expensive states as far as cost-of-living goes, Medicare plan premiums can sometimes reflect that.
Medicare plans are sold by private insurance carriers. Therefore, they set the premiums, cost-sharing expenses (if applicable), and benefits (if applicable). Medicare beneficiaries in New York should compare Medicare plans first by type, next by premium and out-of-pocket costs, then by the carriers’ financial rating and average rate increases.
Comparing New York Medigap plans
New York offers all of the Medigap plans available today. Beneficiaries new to Medicare as of 2020 or later have Plan A, Plan B, Plan D, Plan G, Plan K, Plan L, Plan M, and Plan N available to them, while beneficiaries eligible for Medicare prior to 2020 also have Plan C and Plan F available to them.
Medigap plans in New York are just like they are in the majority of the states. However, New York has a very unique rule that Medicare beneficiaries often take advantage of. In New York, Medicare beneficiaries have year-round Medigap open enrollment.
Year-round Medigap open enrollment
In most states, Medicare beneficiaries have a one-time six-month Medigap open enrollment period that allows them to enroll in any Medigap plan without having to answer health questions. After this period has passed, Medicare beneficiaries usually have to answer health questions to apply for a Medigap plan.
However, in New York, Medicare beneficiaries never run out of time to apply for a Medigap plan without health questions. Although this is a great advantage to living in New York as a Medicare beneficiary, it can come with a high price.
Because carriers in New York can’t ask health questions, the Medigap premiums are usually on the pricier side compared to other states without this rule. This is to help fund the possibility of high, expensive medical claims.
Medicare Advantage plans in New York
New York is among the top five states with the most Medicare Advantage plans. With over 170 options, New York Medicare beneficiaries have a ton of alternative options to Medigap. Unlike Medigap plans, Medicare Advantage plans in New York abide by the same enrollment periods as every other state.
Medicare beneficiaries can enroll in a Medicare Advantage plan during their initial enrollment period or annual election period. They can also change or drop their current Medicare Advantage plan during the Medicare Advantage open enrollment period.
Beneficiaries’ initial enrollment periods depend on each beneficiary’s 65th birthday. The IEP starts three months before the 65th birthday and ends three months later. The annual election period begins and ends on the same dates every year, October 15th and December 7th. The Medicare Advantage open enrollment period also begins and ends on the same dates each year, January 1st and March 31st.
New York’s Medicare Part D
Medicare Part D works the same in New York as it does throughout the country. The private insurance carriers that sell Part D plans customize the plans’ premiums, drug costs, deductibles, and formularies.
While the national average Part D premium is about $35, they can be as low as $10 and as high as $70+. However, the deductible for Part D has a maximum allowed limit that every carrier must follow. Generally, the lower the premium, the high the copays and coinsurance for the drugs are.
Common Questions About New York Medicare:
Here are some common questions our team answers about Medicare Supplement plans in New York.
Medicare Supplement premiums differ per person. They are based on your age, gender, zip code, carrier, and more. However, New York is known for having some of the highest priced Medicare Supplement premiums.
In most states, you only have one chance to apply for a Medigap plan without having to answer any health questions. However, in New York, you have year-round Medigap Open Enrollment, so you can apply without health questions at anytime during the year.
Boomer Benefits is licensed in 48 states. We are not licensed in New York or Massachusetts.
How to choose a Medicare plan
Before choosing Medigap with a Part D plan or a Medicare Advantage plan, New York Medicare beneficiaries should compare the estimated total out-of-pocket costs. While the Medigap premiums may be higher, they still may be more cost-effective than a Medicare Advantage plan. However, that’s not the case for everyone. Beneficiaries should compare plans based on their needs.